August 7th, 2017

State secretary: “genuine” convergence criterion for Hungary’s euro adoption

Hungary’s level of economic development needs to move close to that of euro zone countries before it can consider adopting the common currency, economy ministry state secretary András Tállai said in a written response to an opposition MP posted on the website of parliament. “The introduction of the euro may only become a timely matter if Hungary’s level of economic development approaches the average of euro zone countries’, that is, if there is genuine convergence. Otherwise, Hungary could be the loser of accession to the euro zone – similar to some Mediterranean countries,” Tállai wrote, on behalf of Economy Minister Mihály Varga, to independent MP Márta Demeter.

“For the time being, Hungary does not wish to enter the European Exchange Rate Mechanism,” he said, referring to the “waiting room” EU members enter before adopting the euro. He noted that Hungary meets all of the Maastricht criteria for adopting the euro, with a single exception. Tállai added that the euro zone “must be renewed, stabilised and its earlier attraction restored, in light of the difficulties and internal problems which have surfaced in the past years”.

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  • Illiberal Revolution

    Adopting the euro means giving up our financial independence! We will not allow them force their euro on us!

    • CG Walkman

      Yup. More difficult to steal when you need to follow rules.

    • wolfi

      People at the Balaton are very happy when I “force my €s on them” – they do almost anything …
      This always reminds me of the famous song by Meatloaf:
      I would do anything for love …

  • ViktorZorroban

    The Hungarians Fidesznik Fairytale would be destroyed if we introduce the Euro. 115% of the Hungarians prefer 120,000 glorious huf over 400 lousy €!!

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